Funds transfer authentication
a technology of transfer authentication and funds, applied in the field offunds transfer authentication, can solve the problems of no method to confirm the identity of the receiver, problems caused by digital sending of funds, etc., and achieve the effect of ensuring knowledg
Active Publication Date: 2022-03-01
WELLS FARGO BANK NA
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- Description
- Claims
- Application Information
AI Technical Summary
Benefits of technology
The innovation described in this patent is a system and method for transferring funds between a payer and a payee with advanced security features. The system receives a transfer request with information about the payer, payee, and amount to transfer. The customer information of both the payer and payee is identified and authenticated. A communication session is opened between the payer and payee, and a time-limited payee OTP is sent to the payee. The payee OTP is received within a first time limit, and the funds are transferred from the payer to the payee based on receiving the matching payee OTP. This innovation provides a more secure knowledge of the identity of the payee and an irrefutable confirmation that the payee received the transfer.
Problems solved by technology
Sending funds digitally creates issues that are not usually present in face to face transactions.
There are usually no methods to confirm the identity of the receiver prior to receiving the funds.
Further, the recipient can deny being the actual recipient of the funds.
Method used
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[0015]The innovation is now described with reference to the drawings, wherein like reference numerals are used to refer to like elements throughout. In the following description, for purposes of explanation, numerous specific details are set forth in order to provide a thorough understanding of the subject innovation. It may be evident, however, that the innovation can be practiced without these specific details. In other instances, well-known structures and devices are shown in block diagram form in order to facilitate describing the innovation.
[0016]As used in this application, the terms “component”, “module,”“system”, “interface”, and the like are generally intended to refer to a computer-related entity, either hardware, a combination of hardware and software, software, or software in execution. For example, a component may be, but is not limited to being, a process running on a processor, a processor, an object, an executable, a thread of execution, a program, or a computer. By ...
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The innovation disclosed and claimed herein, in one aspect thereof, comprises systems and methods of funds transfer authentication. The authentication can include receiving a transfer request to transfer funds from a payer to a payee, the transfer request identifies the payer, the payee, and an amount to transfer. Customer information associated respectively with the payer and the payee is identified. The payer and the payee are authenticated. A communication session is opened between the payer and payee. A time-limited payee OTP is generated and sent to the payee. The payee OTP is received within a first time limit. The funds are transferred from the payer to the payee based on receiving a matching payee OTP.
Description
BACKGROUND[0001]Transferring funds electronically or digitally is becoming increasingly prevalent. Additionally, transferring funds internationally or across borders has become more common than in previous years. Sending funds digitally creates issues that are not usually present in face to face transactions. There are usually no methods to confirm the identity of the receiver prior to receiving the funds. Further, the recipient can deny being the actual recipient of the funds.BRIEF SUMMARY OF THE DESCRIPTION[0002]The following presents a simplified summary of the innovation in order to provide a basic understanding of some aspects of the innovation. This summary is not an extensive overview of the innovation. It is not intended to identify key / critical elements of the innovation or to delineate the scope of the innovation. Its sole purpose is to present some concepts of the innovation in a simplified form as a prelude to the more detailed description that is presented later.[0003]T...
Claims
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IPC IPC(8): G06Q50/00G06Q20/40G06Q20/32
CPCG06Q20/4014G06Q20/3223G06Q50/01G06Q20/10G06Q20/385G06Q20/40145
Inventor ARIF, MOHAMMEDPHILIP, SAJEEVDONKADA, SHANMUKESWARA RAORAMANATHAN, RAMANATHANIYER, JAYASREEANTONY, MATHEWBABU EDAPPILLYKETHARAJU, RAMESHCHANDRA BHASKARTRIPATHI, AMITRAJ, ARUNMAHABALESHWARAPPA, POORNIMA
Owner WELLS FARGO BANK NA